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Verified Complaint for Judicial Foreclosure and Appointment of Receiver - 1

HILLIS CLARK MARTIN & PETERSON P.S. 1221 Second Avenue, Suite 500 Seattle, Washington 98101-2925 Telephone: (206) 623-1745 Facsimile: (206) 623-7789

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IN THE SUPERIOR COURT OF THE STATE OF WASHINGTON IN AND FOR THE COUNTY OF PIERCE

HOMESTREET BANK, a Washington state chartered savings bank,

Plaintiff,

v.

MICHAEL M. RATCLIFFE, an individual; ALL OCCUPANTS of the real property commonly known as 805 25th Avenue Court, Milton, Washington; JOYCE M. FEELEY, an individual; and WILLIAM J. FEELEY, III, an individual,

Defendants.

No.

VERIFIED COMPLAINT FOR JUDICIAL FORECLOSURE AND APPOINTMENT OF RECEIVER

Plaintiff HomeStreet Bank (“HomeStreet”) alleges as follows:

I. PARTIES

1. HomeStreet Bank (“HomeStreet”) is a Washington state chartered savings

bank.

2. Michael M. Ratcliffe (“Ratcliffe”) is an individual who resides in the State of

Washington.

E-FILEDIN COUNTY CLERK'S OFFICE

PIERCE COUNTY, WASHINGTON

December 17 2012 11:35 AM

KEVIN STOCKCOUNTY CLERK

NO: 12-2-15705-2



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3. Joyce M. Feeley (“Feeley”) is an individual who resides in the State of

Washington.

4. Ratcliffe and Feeley were a married couple and divorced in October 2010.

5. Feeley was previously known as Joyce M. Ratcliffe.

6. William J. Feeley, III is an individual who resides in the State of Washington.

7. All occupants of the real property located at 805 25th Avenue Court, Milton,

Washington are individuals who reside in the State of Washington.

8. Upon information and belief, none of the Defendants are in the active duty

service of the U.S. Military, and none are dependents of any active duty military member.

II. JURISDICTION AND VENUE

9. In this action, HomeStreet seeks the appointment of a custodial receiver to take

possession and control of certain real property in Pierce County, and seeks to judicially

foreclose this real property.

10. This court has subject matter jurisdiction over this action.

11. This Court has personal jurisdiction over all parties in this action.

12. Pierce County is the proper venue for this action.

III. FACTS

1. On or about January 30, 2007, Ratcliffe obtained a loan (the “Loan”) in the

principal amount of $350,400.00 from Windermere Mortgage Services Series LLC

(“Windermere”).

2. The Loan is evidenced by a promissory note (the “Note”).

3. A true and correct copy of the Note is attached as Exhibit A.

4. The Note is indorsed to HomeStreet.



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5. HomeStreet possesses the “blue ink” original of the Note. Hence, HomeStreet

is the holder of the Note.

6. The Note is secured by a deed of trust (the “Deed of Trust”) recorded against

the real property described therein (the “Property”).

7. A true and correct copy of the recorded Deed of Trust is attached as Exhibit B.

8. The Property is commonly known as 805 25th Avenue Court, Milton,

Washington.

9. The Property is legally described as follows:

THE SOUTH 150 FEET OF THE NORTH 289 OF THE WEST HALF OF THE SOUTHEAST QUARTER OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER OF SECTION 4, TOWNSHIP 20 NORTH, RANGE 4 EAST OF THE W.M., IN MILTON, PIERCE COUNTY, WASHINGTON; EXCEPT THE WEST 155 FEET THEREOF.

10. Because HomeStreet is the holder of the Note and entitled to enforce the Note,

HomeStreet is the beneficiary of the Deed of Trust.

11. HomeStreet perfected its beneficial interest in the Deed of Trust by recording

an assignment of deed of trust (the “Assignment”).

12. A true and correct copy of the Assignment is attached as Exhibit C.

13. Ratcliffe stopped making monthly payments due on the Note on or about

June 1, 2012, and no payments have been made since that time.

14. Failure to make monthly payments constitutes a default under the Note and the

Deed of Trust.

15. The Loan is in default.



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16. There is due and owing under the Loan arrearages, late charges, and advances

of at least $8,873.19.

17. On October 9, 2012, HomeStreet initiated the non-judicial foreclosure process

by having a Notice of Default mailed to Ratcliffe.

18. HomeStreet has since ceased the non-judicial foreclosure process.

19. No other suit or action is now pending to foreclose the Deed of Trust.

20. The Note and Deed of Trust each provide that in the event of default, the

borrower must pay all costs incurred, including reasonable attorneys’ fees, and these fees and

costs shall bear interest at the same rate as the principal of the Note.

IV. FIRST CAUSE OF ACTION JUDICIAL FORECLOSURE OF DEED OF TRUST

21. Ratcliffe has defaulted under the terms of the Note and is liable for all amounts

due and owing under the Note.

22. HomeStreet is entitled to foreclose the Deed of Trust.

23. Defendants have or claim some interest in, or lien upon, the Property and

premises or some part thereof.

24. The interests or liens of Defendants, if any, are inferior, subordinate, and

subject to the Deed of Trust.

25. Ratcliffe is liable for all attorneys’ fees and costs incurred by HomeStreet in

this action.

26. No other action is pending to foreclose on any lien on the Property.



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V. SECOND CAUSE OF ACTION APPOINTMENT OF CUSTODIAL RECEIVER

27. Ratcliffe is in default under the Loan and Deed of Trust.

28. Under the Deed of Trust, Ratcliffe is required to turn over to HomeStreet all

proceeds, profits, and rents (the “Rents”) from the Property.

29. Under the Deed of Trust, HomeStreet has a right to have a receiver appointed

to take possession of the Property.

30. RCW Ch. 7.60 authorizes the appointment of a receiver in this case.

31. A custodial receiver is reasonably necessary in this case to preserve the

Property and its rents for the benefit of Ratcliffe and his creditors, including HomeStreet.

VI. RELIEF REQUESTED

WHEREFORE, HomeStreet prays for judgment against the Defendants as follows:

1. For judicial foreclosure of the Deed of Trust and that the Property be sold by

the Sheriff of Pierce County, Washington, and the proceeds applied: (a) to the payment of the

judgment in this action and such additional amounts as HomeStreet may pay for taxes and/or

insurance premiums upon the Property from the date of judgment, with interest thereon at the

highest legal rate from the date of such payment until paid in full; and (b) to the payment of

all costs and attorneys’ fees incurred by HomeStreet in connection with this action and the

sale;

2. That, by such foreclosure and sale, the rights, title, claim, or interest of all

Defendants and of all persons claiming by, through, or under them be adjudged inferior and

subordinate to the Deed of Trust and be forever foreclosed, except only for the statutory right

of redemption allowed by law;



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3. That HomeStreet be permitted to become a bidder and purchaser at the sale by

the Sheriff and that the purchaser be given immediate possession of the Property;

4. That the redemption period shall be limited to eight months from the date of

the sale by the Sheriff and the Sheriff shall issue his deed at the termination of such period;

5. That, pursuant to RCW Ch. 7.60, an Order appointing a custodial receiver to

take possession and control of the Property be entered; and

6. For such other and further relief as the Court may deem just and equitable.

Dated this 17th day of December, 2012.

HILLIS CLARK MARTIN & PETERSON P.S. By s/Brian C. Free

Joseph A.G. Sakay, WSBA #24667 Brian C. Free, WSBA #35788 1221 Second Avenue, Suite 500 Seattle, Washington 98101-2925 Telephone: (206) 623-1745 Facsimile: (206) 623-7789 E-Mail: [email protected]; [email protected]

Attorneys for Plaintiff HomeStreet Bank

EXHIBIT A

EXHIBIT B

EXHIBIT C

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